Marape-Steven Govt work on finalizing 2019 Supplementary Budge
The Marape Steven Government is working on finalizing a 2019 supplementary budget to be tabled when Parliament sits on the 8th of October.
Prime Minister James Marape in a media conference this afternoon says the 2019 Supplementary Budget will clean up and correct some of the deficiencies of the previous government and clear the way for the 2020 Budget to be tabled in November.
Marape says the 2020 Budget will have a clear blue print as to how the Marape Steven Government intends to take the country going forward.
He says the 2019 Supplementary Budget is necessary because we have revenue collection that is under performing by almost K1 billion, expenditure that is blown out by almost over K1.5 billion, thus the 2019 National Budget will not be performing as expected when handed down in 2018.
Therefore, Mr Marape says his government is taking prudent measures to correct this under performance in the economy this year through this Supplementary budget so that the 2020 budget will be structured more clearly with correct figures.
He said this supplementary budget would have been tabled in the September sitting of Parliament, however because the new Treasurer Ian Ling Stuckey took office just a week before the sitting, it was fair that he’s given a month to work with the numbers before the budget is tabled.
The PM says for the first time the Treasurer is working with all stakeholders including the IMF and World Bank so to restore credibility in the country’s economic numbers and restore confidence in the economy.
Marape adds the country’s total debt stocks and total deficit will also be captured in the Supplementary budget.
He assured the country there is nothing to fear as his government is working to improve the under performance in the economy including revenue collection, that will form the basis of the 2020 budget going forward. FM100/ PNG Today
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Prime Minister James Marape in a media conference this afternoon says the 2019 Supplementary Budget will clean up and correct some of the deficiencies of the previous government and clear the way for the 2020 Budget to be tabled in November.
Marape says the 2020 Budget will have a clear blue print as to how the Marape Steven Government intends to take the country going forward.He says the 2019 Supplementary Budget is necessary because we have revenue collection that is under performing by almost K1 billion, expenditure that is blown out by almost over K1.5 billion, thus the 2019 National Budget will not be performing as expected when handed down in 2018.
Therefore, Mr Marape says his government is taking prudent measures to correct this under performance in the economy this year through this Supplementary budget so that the 2020 budget will be structured more clearly with correct figures.
He said this supplementary budget would have been tabled in the September sitting of Parliament, however because the new Treasurer Ian Ling Stuckey took office just a week before the sitting, it was fair that he’s given a month to work with the numbers before the budget is tabled.
The PM says for the first time the Treasurer is working with all stakeholders including the IMF and World Bank so to restore credibility in the country’s economic numbers and restore confidence in the economy.
Marape adds the country’s total debt stocks and total deficit will also be captured in the Supplementary budget.
He assured the country there is nothing to fear as his government is working to improve the under performance in the economy including revenue collection, that will form the basis of the 2020 budget going forward. FM100/ PNG Today
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